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Elizabeth Prentice
Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 170
Experience:  Managing Attorney for one of the largest consumer bankruptcy firms in America.
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its after my confirmation and I was able to get a new job

Resolved Question:

it's after my confirmation and I was able to get a new job that offers a 401 k and a health spending account. I have the option to contribute 6% of the income and the company will match if I contribute, and I can opt into a health spending account can I use these services? My income has increased by 3 dollars an hour from the last job. I don't have a vehicle and I need one for the new job would there be a possible way to get a vehicle while i'm still in the chapter 13?
Submitted: 10 months ago.
Category: Bankruptcy Law
Expert:  dylatess replied 10 months ago.
Over 35 years, I have assisted my clients with debt problems having filed more than 32000 Chapter 7 and Chapter 13 Bankruptcy petitions.

YES you can get a new car but you need to file a motion with the court to incur a debt after confirmation. Note, if you have an attorney, he can do this for you. If you do not, you will need legal representation as it is not a simple fill in the form pleading. Finally, do.not be worried that the court will deny it because you make more money as your plan was confirmed based on your income when you filed.

Please rate my answer ok or better so that I am paid for helping you.
Customer: replied 10 months ago.
Relist: Incomplete answer.
I was wondering if I could contribute to a 401 k and a flexible health spending account at my new job that started this week, since they are offering these benefits.
Expert:  Elizabeth Prentice replied 10 months ago.

I am a bankruptcy attorney and I would be happy to answer your re-listed question. However, the prior attorney is correct regarding the concern about the vehicle. You must file a motion in order to incur further debt. Additionally, if you incur new car payments, it can change your plan even if it has been confirmed.

 

You are able to contribute to your 401k and flexible health spending account, via your new job. However, there are some things you should be aware of regarding a change of income in Chapter 13. Since your plan is confirmed, the most important thing is that you are able to continue making your plan payments to the trustee. Make sure that you feel that putting the extra money toward the 401k and health account won't affect your ability to make the monthly payments. Another issue to be aware of is if the trustee feels that your income has significantly changed, they may file a motion to amend your plan for change of circumstances. At any time between confirmation and the last payment, the trustee has the right to modify the plan. For the plan to change, your new income must constitute a "substantial and unanticipated post confirmation change." $3/hour does not appear to be a substantial enough change in your income to warrant the trustee filing a motion to amend your plan, but if you have an attorney you should consult with them regarding any concerns you may have.

 

I hope my answer has assisted you and that you will leave me a positive rating!

Elizabeth Prentice, Attorney
Category: Bankruptcy Law
Satisfied Customers: 170
Experience: Managing Attorney for one of the largest consumer bankruptcy firms in America.
Elizabeth Prentice and 2 other Bankruptcy Law Specialists are ready to help you

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